Regardless of price point, factory-built homes are the cost effective way to create quality housing. Based on factory built housing’s indisputable cost advantage, factory built homes should increase market share compared to other forms of housing.
The increase in manufactured home shipments occurred every decade but the last one. The billions lost in conventional home mortgages the last ten years was a direct result of government policies that encouraged the purchase of houses without regard to affordability. As rational standards are again applied to obtaining housing, manufactured home shipments will likely increase.
Manufactured home community owners who have embraced rentals are having no problem finding customers for those rental units. The lack of barriers to entry into rental homes encourage increased occupancy of rentals.
Rental units solve the down payment issue that so many working families otherwise cannot overcome. Imagine how difficult it is for a young family of four to save $6,000 on a family income of $50,000 to $70,000 per year. This challenge prevents countless young families from purchasing homes.
Down payment is just one hurdle to home ownership. The second hurdle is credit score. Many people have scarred credit as the result of making bad housing choices in the past.
But a person with bad credit who moves from a $300,000 house to an $80,000 house should have no problems making the payment if their monthly income is unchanged.
Current rules and regulations may prevent financing that buyer. Renting provides that person with a manufactured home they can easily afford while they repair their credit.
Our cost advantage as an industry over conventional housing is substantial. Apartment construction averages $200 per square foot, depending on the market. We can buy communities for $40,000 per site and add a $40,000 house creating almost 1,000 sq. ft. of brand new housing for $80 per sq. ft.
If an apartment owner needs rent of $14 per sq. ft. we can operate with rent of only $7 per sq. ft. That means where they charge $1,400 per month, while we can charge $700 per month. Clearly we benefit the customer and society. UMH’s 92 percent – and steadily increasing – rental occupancy demonstrates that when the regulatory barriers and down payment barriers are removed the consumer accepts our product.
The customer appreciates and accepts our appealing home product based on their cost benefit analysis, the enhanced privacy and other factors.
The issue becomes what will bring more buyers back to factory built homes? One answer is a stronger economy. When wage earners feel more secure in their jobs, more will buy homes. When wage earners earn more money they will have the down payment for our homes. When demand increases prices for pre-owned manufactured homes, repossessed homes and new homes will all rise.
As occupancy in properties increases and waiting lists for residency return, don’t be surprised when people who bought during the last ten years make money on their homes. That’s the law of supply and demand. People talk, so word will get out that manufactured homes are a good investment. As prices of all housing rises, it will become more and more obvious how cost competitive factory built housing is. Sales will increase.
The Other Big MH Issue…
In order for UMH to minimize the time required to fill our 2,000 vacant sites, we would like to see an industry-wide marketing and public relations campaign. UMH believes all legislative problems affecting our industry are due in part to our industry not marketing the benefits of our industry.
How can anyone be against increasing the quality of housing for families with children, the elderly, those with mobility issues, and all people who need housing?
We as industry professionals know the benefits of our product, just as Steve Jobs knew the benefits of personal computing. We need to sell America on the benefits of factory built housing. Steve Jobs sold America on the benefits of Apple products by employing a major national advertising firm.
One of the people at that firm was Ken Segall. I am looking forward to introducing Ken Segall, author of Insanely Simple, and the person who put the “i” in iMac, at the MHI national convention.
Great products do sell themselves. I know that because of our success with rental homes.
But we still need to sell regulators, bankers, zoning officers, and people who otherwise will never see our product on the beauty and benefits of manufactured homes.
Yes it’s as simple as getting people to visit our product. But we need to know how to do that. Our mission is complicated by the fact that most of us have never seen a picture that really does the factory-built home justice. Our house is a home.
When the potential customer brings their family into our home, it becomes easier for them to visual as their home, and we end up with more leases and sales.
But we need to bring that customer from their current residence into our sales center for that to happen. I’m looking forward to the MHI Congress and Expo in Las Vegas in April, and hearing from Ken how we can simply create the best marketing.
by Sam Landy
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When you think of the Baseball Hall of Fame, great players like Hank Aaron and Joe DiMaggio jump to mind. The Rock and Roll Hall of Fame has honored hundreds of all-time musical greats like The Beatles, Aretha Franklin and David Bowie. But there’s another hall of fame you may not have heard of, […]
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If you live in a manufactured home, odds are that you have wondered how you could better utilize your space. It might seem difficult to live small without overwhelming clutter, but you might be surprised to learn that there are several steps you can take to make your limited space really count. Shine a Little […]
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Decorating a manufactured home is a unique but fun challenge. Just like in any other small home or apartment, residents want to maximize space without limiting style or their own personal flair. Thankfully, top decorators and home designers have developed foolproof methods of opening up even the most cramped space without sacrificing an inch of […]
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Most homeowners agree that any enhancement they can make to their property that will save them money in the long run is a good one! At the same time, most of us are looking for ways we can lessen our impact on the environment. Fortunately, there are lots of things you can do to your […]
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The holidays are here and in full swing! One of the favorite pastimes during this time of year is decorating. If you live in a manufactured home, there are a few tips you can follow to make the most of your decorating efforts. These are some our favorites: 1. Don't go too big with your […]
February 18, 2015
There’s no doubt you have a laundry list of preparations to complete if you’re awaiting the arrival of a new baby in your life. Among the most important of those preparations is childproofing your manufactured home. While it may not seem like it at first glance, there are dozens, if not hundreds, of everyday dangers […]
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If you live in a manufactured home located in a high-risk area for hurricane impact, you should always be proactive in the prevention of water damage from hurricanes. Here are five ways to help protect your home. 1. Seal gaps. Windows and doors should be completely sealed. Replace damaged caulking. Inspect areas around […]
February 5, 2015
An old stereotype holds that manufactured homes are more vulnerable to storm and disaster damage than traditionally built homes. It’s possible that this idea comes from Hollywood or local news footage of tornadoes ripping through trailer parks, leaving piles of rubble in their wake. It's time this myth was debunked. First off, a manufactured home […]
February 2, 2015
Winter weather can be severe and frightening at times. If you have a manufactured home, you’ll want to take a few steps to protect your roof in advance. Here are five ways to help prevent roof damage from heavy snow. 1. Use a roof rake. Find these tools at your local hardware store, and use […]
January 29, 2015
New homeowners ask the same question: How do I customize my new manufactured home to feel like me? In many ways, a new house can feel like a blank canvas, ready to absorb your personality and become a statement of who you are. This can be exciting, but it can also be intimidating. If you’re […]
January 27, 2015
It is not unusual for new home shoppers to go straight to the nearest builder and check out the models. However, these folks are really missing out on some terrific options. Manufactured homes have made great strides in the last 30 years, and it is now possible to get affordable and high-quality deals. What […]
January 20, 2015
A manufactured home can present an interesting challenge when it comes to obtaining financing. You see, financing is often based on a number of factors and certain requirements. People searching for loans may all have different situations, and you must decide which loans offer the best deal for your circumstances. Let’s examine the requirements for […]
January 16, 2015
When you purchase a home from a builder, you can easily stop by and watch the construction of your new home. However, a manufactured home is constructed at the factory, and you won't be able to watch the building progress. This guide explains the typical building process and timelines to expect from the factory. […]
January 13, 2015
Hurricanes and tornadoes can deliver pretty high wind speeds. They are often erratic in nature, and wind speeds can increase in just an instant. Storms of this magnitude often make homeowners question whether their home could survive. Some homeowners with site-built homes may believe they are not as vulnerable as folks that live in a […]
January 5, 2015
Why would millions of people purchase a manufactured home if they didn't expect it to retain some value? These homes are very affordable, well constructed, and in high demand. Lets see how appreciation factors, regulations, and construction qualities could affect home appreciation values. Home Appreciation Market factors determine whether a home will appreciate […]
January 2, 2015
Americans purchase thousands of manufactured homes each year. These homes are assembled in a factory and then placed on the homeowner’s leased or owned property. Purchasing a “manufactured” home is far more affordable than a traditional site-built house, making homeownership more realistic for many middle and lower-income families. If you are in the market for […]
December 29, 2014
Economic times are tough, and many families all across America are making the decision to purchase manufactured homes. These high-quality, fully customizable houses are factory built according to a strict code and can be tailored to your exact specifications. No matter what your family's unique needs may be, a manufactured home is the smart, affordable […]
December 26, 2014
There are many different types and styles of manufactured homes available. Learn more about the options and decide which might be right for your family. Manufactured homes allow millions of American families to experience the pride of homeownership each year. These quality homes are built in one-fifth the time and often at half the […]
December 22, 2014
Manufactured homes are built according to a strict set of building guidelines. Learn more about how these residences are actually constructed. Since the 1960s, manufactured homes have risen in popularity both as vacation homes and permanent residences. In 1978, the national building code, nicknamed HUD, was established by the U.S. Department of Housing and Urban […]
December 19, 2014
A manufactured home can be the perfect solution to your housing needs. Find out the advantages of this structure versus a traditional on-site home. Homeownership is part of the great American dream. Nearly every family dreams of owning their own home and building a place to grow old, raise a family, and eventually retire. […]
December 17, 2014
Chairman and Founder of UMH Properties, Inc., Eugene Landy, is featured in an interview with MHProNews’ Tony Kovach. They discuss the progress of UMH Properties, Inc. and the manufactured housing market. Click this link to watch this interview on MHProNews: http://www.mhmarketingsalesmanagement.com/home/featured-articles/june-2014/138-general-manufactured-housing-industry-topics/7676-inside-manufactured-housing-a-video-with-eugene-landy-chairman-and-founder-of-umh-properties-manufactured-home-communities-investing-and-industry-outlook
June 2, 2014
The profile of the average manufactured homeowner has certainly shifted. Chances are, prospected home buyers will have more in common with residents inhabiting manufactured homes than not. Below we have gathered a list of people that fit the description of your new neighbors. Without further adieu, let's introduce them. The Downsizers The Downsizers have been […]
April 29, 2013
Find out why manufactured homes are the hottest trend in housing: AFFORDABILITY Manufactured home prices are a big draw for families searching for a peaceful, affordable place to live. On average, a double-wide manufactured home in Pennsylvania will cost around $62,000. The average price of a similar size site-built home is not even comparable to […]
April 25, 2013